Piper Affirms Otonomy (OTIC) at 'Overweight'; Says Key Events Abound

August 15, 2016 12:28 PM EDT
Get Alerts OTIC Hot Sheet
Price: $17.40 --0%

Rating Summary:
    6 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 18 | New: 4
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Piper Jaffray affirms Otonomy (Nasdaq: OTIC) at Overweight with a $32 price target, seeing several key events upcoming for the stock.

The firm commented on Monday: Launch of OTIC's Otiprio for children undergoing bilateral tympanostomy tube placement (TTP) is underway, and commentary on the company's 2Q earnings call suggests strong progress working with payors and hospital P&T committees to enable access. We expect these efforts to continue throughout the year and position the company to begin inflecting sales around the time of the winter season. There are a number of key data readouts over the next 12-18 months that may meaningfully expand the outlook for OTIC's franchise. With a modest $240M enterprise value and roughly an equivalent cash position, we believe Otiprio for TTP alone can drive upside over the longer term, and assuming success with any new indication, potential additional and substantive upside awaits.

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